Dave wants to travel around Europe in 2.5 years, when he graduates. He estimates the airfare will cost $1900 and he will need $200 per day for all his expenses.
Dave has just invested $4600 in a GIC earning 4.5% compounded semi-annually. He also has a savings account that earns 6%, compounded monthly but his balance is zero.
Dave plans to travel for 60 days.
A) what is the cost for travelling for 60 days?
13900
B) What is the value of the GIC at the end of the term?
N=
I=
PV=
PMT=
FV=
P/Y=
C/Y=
1 answer
http://www.meta-financial.com/lessons/compound-interest/formula-calculate.php
1 answer